Target Co. (TGT) Stake Lowered by Heritage Investors Management Corp
Heritage Investors Management Corp reduced its stake in Target Co. (NYSE:TGT) by 19.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 29,626 shares of the retailer’s stock after selling 7,375 shares during the quarter. Heritage Investors Management Corp’s holdings in Target were worth $2,613,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the company. Harvest Fund Management Co. Ltd purchased a new stake in Target during the 3rd quarter worth approximately $104,000. Sun Life Financial INC increased its stake in Target by 739.5% during the 2nd quarter. Sun Life Financial INC now owns 1,444 shares of the retailer’s stock worth $110,000 after buying an additional 1,272 shares during the period. CSat Investment Advisory L.P. purchased a new stake in Target during the 2nd quarter worth approximately $114,000. Duncker Streett & Co. Inc. increased its stake in Target by 1,435.0% during the 2nd quarter. Duncker Streett & Co. Inc. now owns 1,535 shares of the retailer’s stock worth $117,000 after buying an additional 1,435 shares during the period. Finally, ELM Advisors LLC purchased a new stake in Target during the 3rd quarter worth approximately $141,000. Hedge funds and other institutional investors own 84.04% of the company’s stock.
In other news, insider Janna A. Potts sold 15,172 shares of the company’s stock in a transaction on Monday, September 24th. The shares were sold at an average price of $88.00, for a total value of $1,335,136.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Stephanie A. Lundquist sold 2,100 shares of the company’s stock in a transaction on Tuesday, October 9th. The shares were sold at an average price of $86.00, for a total transaction of $180,600.00. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.
Target (NYSE:TGT) last announced its quarterly earnings data on Wednesday, August 22nd. The retailer reported $1.47 EPS for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.07. Target had a net margin of 4.19% and a return on equity of 24.29%. The company had revenue of $17.78 billion for the quarter, compared to the consensus estimate of $17.33 billion. During the same period in the prior year, the firm posted $1.23 EPS. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, research analysts forecast that Target Co. will post 5.38 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Wednesday, November 21st will be given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date is Tuesday, November 20th. Target’s dividend payout ratio is presently 54.35%.
Several brokerages recently weighed in on TGT. Bank of America set a $90.00 target price on shares of Target and gave the stock a “buy” rating in a research note on Wednesday, August 22nd. Citigroup upped their target price on shares of Target from $76.00 to $92.00 and gave the stock a “neutral” rating in a research note on Monday, August 27th. Credit Suisse Group set a $86.00 target price on shares of Target and gave the stock a “hold” rating in a research note on Saturday, August 25th. Deutsche Bank set a $90.00 target price on shares of Target and gave the stock a “hold” rating in a research note on Saturday, August 25th. Finally, BMO Capital Markets began coverage on shares of Target in a research note on Monday, September 17th. They set a “market perform” rating and a $88.00 target price on the stock. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Target has an average rating of “Hold” and a consensus target price of $88.74.
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Target Corporation operates as a general merchandise retailer in the United States. The company offers beauty and household essentials, including beauty products, personal and baby care products, cleaning products, paper products, and pet supplies; food and beverage products, such as dry grocery, dairy, frozen food, beverage, candy, snacks, deli, bakery, meat, and produce products; and apparel for women, men, boys, girls, toddlers, infants, and newborns, as well as intimate apparel, jewelry, accessories, and shoes.
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